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Fayette County Schools Credit Downgrade | Lexington News
Moody’s just downgraded Fayette County Schools’ credit rating and slapped a negative outlook, warning borrowing could get tougher and pricier. The downgrade stems from serious financial reporting errors — inflated fund balances and revenue projections that led to a projected general fund deficit. A history of inaccurate forecasts and even cash borrowing to cover daily expenses compounds the problem. The district admits the issues and is launching an audit to fix things, but it’s unclear if this will derail future building plans or borrowing — and recovery looks like a long, uphill battle…
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